MEC is excited to be providing you and your company with great discounts for all of your MLO education needs!   Click the links below to enroll at a steeply discounted rate!
Pre-Licensing Education The NMLS requires all licensed MLO's to take a minimum of 20 hours of pre-licensing education in order to obtain a license, as well as any state-required electives.   Need more information about obtaining a license? Visit our New MLO Licensing Guide	Continuing Education The NMLS requires all licensed MLO's to take a minimum of 8 hours of continuing education each year, as well as any state-required electives.    We offer continuing education in a variety of formats.
*Coupon Code: ORMPE*	*Coupon Code: ORMCE*
*Already have a license and need to add another state?: ORMPE*	*Coupon Code: ORMCE*
*Want a live instructor, but from the comfort of your own home? Limited Classes*	*Want a live instructor, but from the comfort of your own home? Limited Classes*
*PE Live Classroom instructions are limited*	*CE Live Classroom instructions are limited*
*Choose from our Test Prep and Tutoring options.*	*We recommend calling the NMLS to see what may be required to reactivate your license.  NMLS phone # 855-665-7123*
To enroll over the phone or for live classes, please contact your account rep directly. Jason Carroll (801) 243-5409 jason@mortgageeducators.com   Mortgage Educators and Compliance is excited to offer these incredible offers for NMLS-approved education. Restrictions apply. Limited time offer.

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Use code SMASH24 to get your CE as low as $64.98!

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NMLS License Renewal - Online CE Courses

Please note: NMLS Continuing Education or Late Continuing Education courses are only valid in the year purchased, so make sure your record shows them if you’ve taken them within the same year of purchase during your NMLS reinstatement period.

To access your NMLS continuing education online, you’ll need to log in from a computer as mobile devices such as smartphones or tablets are not supported for NMLS approved courses.

State-Specific Mortgage CE Requirements

Be sure to look up the specific NMLS CE renewal requirements for your own state, since some states include slight variations on the general registration renewal requirements. In any given state, you will need at least 8 hours of NMLS-approved education when you've submitted your renewal request and all applicable renewal fees.

The state-specific requirements cover state laws, topics and rules that pertain to that state. For example, Utah, West Virginia, and New York require 1, 2, and 3 state-focused hours, respectively, as part of their NMLS CE requirements. You will also want to look up a respective state's fees for renewal and plan for these.

Such states either (a) use your 1 hour of undefined class time for this purpose or (b) require that you take more than 8 total hours of CE classes. The linked resource above (especially page 4) lists the information you’ll need as you prepare for NMLS renewal.

Here is a helpful table to see how many NMLS continuing education hours are required in your state (note: these are only states with agencies that require specific hours as part of their renewal requirements)

Just as doctors and lawyers have ongoing medical and legal training, loan officers need to continue taking education courses in order to renew their NMLS licenses. This ensures that mortgage loan originators (MLOs) have the knowledge needed to do their jobs correctly, year in and year out. Any mortgage loan originator who fails to do so by December 31st, their NMLS licenses become “inactive” and cannot be renewed until they are reactivated. In some states, they are even placed in a terminated/expired status..

If you're an MLO wondering when and where to take your next NMLS renewal mortgage CE course, check out our guide below. We'll explain everything you need to know about mortgage NMLS CE courses and renewal requirements.

NMLS Mortgage CE Course Requirements

Every state requires MLOs to complete 8 hours of NMLS-approved online classes before processing their annual renewal request application. To begin this coursework, you'll need to create an NMLS account, which will grant you an NMLS ID Number, which can be confirmed with your provider.

The SAFE Act requires MLOs with a state license to complete additional education requirements, including:

• 3 hours of federal law and regulations

• 2 hours of ethics

• 2 hours of training on lending standards for nontraditional mortgages

• 1 hour of undefined courses on mortgage origination

Many MLOs are unaware of the nuances when it comes to continuing education (CE) rules. Here are some lesser-known policies to be aware of when completing the required NMLS renewal courses:

• CE can be completed any time up until the renewal date, meaning MLOs can start working on them as early as January 1st.

• CE must be completed in the same year of licensure, unless federal PE was completed in the same year.

• A late CE is required for an MLO returning to the industry.

Upcoming NMLS Continuing Education Deadlines

Each state has different education completion deadlines. Please double-check your state's renewal period and deadlines with the NMLS. Remember the NMLS SMART Deadline to complete your Continuing Education is on Friday, December 8th.

*NOTE: MLOs newly licensed by UT-DRE between November 1, 2022 - October 31, 2023, are required to complete a 5-hour post-licensure course before their first renewal. This 5-hour course is required and must be completed by October 24, 2024 to be able to request their renewal on November 1st, 2024, or the course must be completed and ready to process by December 24, 2024 to request an on-time renewal. This is in addition to the 9 hours of annual CE already required for MLOs (8hrs + 1hrs of UT-specific).

Continuing Education Course Access will end on Tuesday, December 31st.

No refunds will be granted to those with unfinished courses due to this deadline.

NMLS-Approved Late Continuing Education

• If CE hour requirements change, the MLO must meet the new requirements after the effective date of the new requirement documentation.

• If an MLO gets their license between November 1st and December 31st, they will not have to complete CE that year.

Late Continuing Education is required for all MLO's who once had an active license, who want to reactivate their license. Please note that requirements vary by state, so check the NMLS renewal checklists and fees listed.

We recommend calling the NMLS to see what may be required.

NMLS phone # 855-665-7123

Don’t have your NMLS license yet?

 

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Mortgage Broker vs Direct Lender: Comparing Career Paths & Benefits

 

So you're going into the business of being a mortgage lender. Good for you! Helping people get into their dream homes by helping in obtaining and closing loans that they need to do can be very rewarding.

 

But what part of the industry do you want to go into? Mortgage broker vs direct lender, that's the question. When considering a career in the mortgage industry, understanding the key differences between a mortgage broker and a direct lender is essential. In this comprehensive guide, we will explore these two distinct roles and their respective responsibilities within the home loan process.

 

Mortgage brokers act as intermediaries, facilitating communication between borrowers and multiple lenders to find competitive interest rates and loan programs. Originators of direct loans, e.g., banks and credit unions, present loans directly to borrowers without an intermediary.

 We will delve into various aspects of both careers, such as fees associated with working with intermediaries versus direct lenders, comparing APRs (Annual Percentage Rates), fees, closing costs of different offers from both sources. Additionally, we'll discuss advantages and disadvantages of choosing either path based on individual circumstances.

 

By gaining an in-depth understanding of mortgage brokers vs direct lenders through this blog post, you'll be well-equipped to make informed decisions when pursuing your career in the mortgage industry.

 

Mortgage Broker vs Direct Lender: The Role of Mortgage Brokers

 

The mortgage broker acts as intermediaries between borrowers and lending institutions, helping people access financing for one of the biggest investments of their lives.

 

Connecting Borrowers with Lenders

 

Mortgage brokers facilitate the link between homebuyers and lending institutions, ensuring a loan tailored to the borrower's individual requirements that also meets with the lender's criteria.

 

Gathering Required Documentation

 

Mortgage brokers assist clients in gathering all necessary documentation required by lenders during the loan application process, including pay stubs, tax returns, bank statements, and credit reports.

 

Navigating Complex Mortgage Products

 

• Finding competitive rates: Brokers have access to multiple lenders, allowing them to find competitive interest rates for their clients based on individual circumstances.
• Evaluating different loan types: Brokers can help determine which loan option best suits each client's needs by comparing features like terms or payment structures.
• Identifying government-backed loans: Brokers can also help clients identify and apply for government-backed loans, such as FHA, VA or USDA mortgages, which may offer more favorable terms to eligible borrowers.

 

As a mortgage broker you can provide potential homebuyers with valuable insights and guidance throughout the entire loan process.

 

Mortgage Broker vs Direct Lender:

 

 Direct Lenders in the Home Loan Process

 

The direct mortgage lender provides loans for homes directly to applicants without involving a mortgage broker, resulting in faster processing times and quicker decision-making.

 

These mortgage lenders have control over their own underwriting guidelines, allowing them to make funding decisions quickly and efficiently.

 

Companies like Better.com hold nationwide licenses, enabling them to process loans more quickly and efficiently than traditional banks or credit unions.

 

Homebuyers working with you as a loan officer at a direct mortgage lender can help them secure financing more quickly than those who work with mortgage brokers, who often rely on third-party approvals that can delay the process.

 

Understanding the differences between direct lenders and mortgage brokers is crucial for those looking to make a choice about what part of the industry to work in. 

 

• Faster decision-making: Direct lenders are much faster at closing loans because they adhere strictly to their own established rules and procedures.
• Nationwide licensing: Companies like Better.com hold licenses in multiple states, allowing them to process loans more quickly and efficiently than traditional banks or credit unions.

 

Comparing Mortgages: Mortgage Broker vs Direct Lender

 

Choosing between a mortgage broker and a direct lender depends on your career goals and preferences. 

 

Mortgage Brokers: Multiple Quotes in One Place

 

Brokers have access to various lending institutions, providing homebuyers with several loan options to compare rates, terms, and conditions.

 

Direct Lenders: Rates Based on Your Financial Profile

 

Working directly with a lender limits potential homebuyers to the loan products and rates of the lender you work for, which may not always be competitive due to factors such as the homebuyer's credit score, employment history, and down payment amount.

 

• Credit Score: Higher scores result in better rates since it indicates lower risk.
• Employment History: Stable job history is essential for eligibility and interest rates.
• Down Payment: Larger down payments can lead to better rates by reducing the loan-to-value ratio.

 

Fees Associated with Working with Intermediaries

 

As a mortgage broker, you do quite a bit of work beyond just looking up different interest rates, loan amounts and loan types. You will do a lot of research, this includes finding suitable loans based on specific needs and handling all required documentation until final approval has been granted by chosen providers.

 

Many people are distrustful of brokers due to their ability to assess a lot of hidden fees associated with their work. You'll want to be as transparent as possible with your clients so they understand exactly what they are paying you for. 

 

Broker Fees and Charges for Assistance

 

As a mortgage broker you'll generally impose an origination commission or fee, varying from 1% to 2%, based on the loan sum. Some may also charge application or processing fees. However, mortgage brokers are required to disclose their fees upfront, so borrowers can make informed decisions about whether or not to work with them.

 

Importance of Hidden Costs

 

Thorough research before selecting either option is crucial when considering working as a mortgage broker or direct lender.

 

Asking questions of people working within different industry sectors and seeking recommendations from friends and family members who have recently gone down similar career paths can help you make a good decision. Either way, you'll always need to be sharp, honest, transparent and up to date with all relevant laws and policy in the mortgage business.  

 

Remember, potential borrowers have more resources than ever that are helpful in their own research. Things like SmartAsset's free tool matches homebuyers up with three financial advisors in their area while helping compare mortgage rates from top lenders. When they come to you, assume they already know a lot.

 

• Shopping around: Homebuyers can obtain quotes from multiple brokers as well as direct lenders to ensure they're getting the best deal possible.
• Negotiating: A lot of homebuyers won't be afraid to negotiate lower fees if they feel they're too high - some brokers may need to be willing to reduce their charges in order to secure your business.
• Reading the fine print: Many homebuyers will understand all fees and charges associated with a mortgage broker's services before signing any agreements or contracts. Assuming this and acting accordingly will help you establish a reputation as honest and ethical. 

 

With all of these resources available, what do mortgage lenders and brokers actually do? In this case, mortgage broker vs direct lender? It doesn't matter. Both can help ensure that homebuyers are taking the optimal route for their financial circumstances by thoroughly examining APRs, fees, and closing costs when evaluating offers. Do your homework and always be up to speed so that you can be the valuable source of knowledge and council that homebuyers are looking for. 

 

Comparing APRs, Fees, and Closing Costs

 

If you become a broker comparing mortgage offers for clients, don't just focus on the interest rate - also compare APRs (Annual Percentage Rates), fees, and closing costs to help your clients make an informed decision. These are things that you will learn during the course of your education and licensure process but they're so important they bear repeating.

 

Analyzing different aspects of mortgage offers

 

• Interest Rate: The percentage charged on the borrowed amount.
• APR: Includes the interest rate and other costs like points, origination fees, and underwriting fees.
• Fees: Lenders may charge various fees like application or appraisal fees.
• Closing Costs: One-time expenses paid at closing include title insurance premiums, recording taxes, and escrow charges.

 

Compare mortgage rates, APRs, and costs from multiple sources to get the best deal.

 

Competitive options like SoFi's fixed-rate mortgages

 

If you prefer working for a direct lender, be aware of and be able to speak intelligently about SoFi's fixed-rate mortgage loans - they offer competitive rates and terms compared to other direct lender offerings. Remember to consider your unique financial situation, preferences, and long-term goals when choosing a mortgage option.

 

Brokers vs Direct Lenders: Pros and Cons

 

Weighing the pros and cons of working as a mortgage broker vs direct lender can be tricky, but being aware of the positives and negatives each offers can assist you in making an educated choice.

 

Pros & Cons Based on Individual Circumstances

 

• Mortgage Brokers: More independence, potentially higher earnings but brokerage can be fiercely competitive.
• Direct Lenders: More stability and job security but you'll work entirely within the confines of your employers policies. 

 

Factors Influencing The Homebuyers Choice Between Broker Or Direct Lender

 

Credit score, loan type, and personal preferences can all play a role in deciding between a broker or direct lender.

 

• Credit Score: Improving your credit score can help secure better rates, but direct lenders may have stricter requirements.
• Loan Type: Certain loans may be more readily available through brokers.
• Personal Preferences: Consider communication style and desired level of assistance during the application process.

 

Ultimately, the choice between a mortgage broker vs direct lender depends on the homebuyer's unique needs and preferences. Give these considerations some thought and think about how your skills, career goals and preferences can be put to work in helping homebuyers make the best choices. 

 

Common questions regarding Mortgage Broker vs Direct Lender

 

Mortgage Broker vs Direct Lender: Which is the better career choice?

 

It really depends on what your career goals and preferences are. Both a loan officer at a direct lender and a mortgage broker can help borrowers with the loan application, help them determine the correct loan amount and guide them through the whole process but they have different skill sets and tools to do so. 

 

What Sets Mortgage Brokers Apart from Lenders?

 

• The mortgage broker acts on behalf of their clients and they have access to loans from multiple lenders, giving borrowers more choices.
• Brokers offer personalized attention, while lenders may prioritize quick approvals over individualized service.

 

Why Choose Mortgage Brokerage Over a Bank?

 

Mortgage brokers can offer more competitive rates and diverse loan programs than banks and can charge more for their services in doing that research. 

 

Understanding the Difference Between Mortgage Brokers and Lenders

 

A mortgage broker acts as a middleman between borrowers and lenders, while direct lenders provide loans directly to borrowers. Brokers offer more choices, while lenders prioritize faster processing times.

 

Conclusion

 

When it comes to deciding on being a mortgage broker vs direct lender, knowing the difference between mortgage brokers and direct lenders is key. Mortgage brokers can offer multiple quotes and help navigate complex products, while direct lenders offer faster decision-making and nationwide licensing. However, it's important to consider your own personal situation, goals, preferences, risk tolerances, etc. before making a choice. Ultimately, the choice between a mortgage broker and direct lender depends on individual circumstances.